Non-Profit Hot Topics: Looking Ahead
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To watch this webinar & more, visit: http://www.welchllp.com/resource-centre/webinars/ With so many buzz words and trending topics filling our newsfeeds, it's hard to know what to focus on and how to plan ahead in order to make wise decisions for your Non-Profit Organization. Our experts want to help by introducing their expert opinions on a library of hot topics. During this live webinar, you'll have the chance to engage by sending your comments and questions to be shared in real-time with the speakers. On Thursday, August 20th, Christa Casey - Partner & Director of the Not-for-Profit Sector, and Garth Steele - Audit & Indirect Tax Partner will discussed: • Tax credits/incentives applicable to you • Social enterprise - new possibilities & challenges • Optimizing your annual financial reporting package • Risk management: an introduction
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Non-Profit Hot Topics: Looking Ahead
- 1. welchllp.com LOOKING AHEAD NON-PROFIT HOT TOPICS:
- 2. GROUND RULES Questions • Attendees are in listen-only mode • This webinar is being recorded for future on-demand playback • Your participation represents acknowledgement that we are recording • Tweet questions & comments to: #WelchNPO Windows Mac Tablet
- 3. welchllp.com Christa Casey, CPA, CA Partner & Director of the Not-for-Profit Sector ccasey@welchllp.com @WelchLLP Garth Steele, CPA, CA Audit & Indirect Tax Partner gsteele@welchllp.com @WelchLLP PRESENTERS
- 4. WHAT WE’LL COVER TODAY welchllp.com • Tax credits & incentives o Ontario employer health tax o Employment insurance o Federal budget update o GST HST updates • Social enterprise • Annual financial reporting package • Risk management: an introduction • Q & A
- 5. TAX CREDITS & INCENTIVES welchllp.com
- 6. ONTARIO EMPLOYER HEALTH TAX • $450,000 exemption • Separate location exemption welchllp.com
- 7. EMPLOYMENT INSURANCE • Small business job credit • Reduction in EI premium welchllp.com
- 8. FEDERAL BUDGET UPDATE • Donations in Kind • Social Finance Accelerator welchllp.com
- 9. GST HST REBATES • Public Service Body Rebate • Charity Rebate • 50% of 5% Federal Component • 82% of 8% Provincial Component in Ontario • Non-registrants Claim Every Six Months welchllp.com
- 11. “Charities and non-profits rely on three core sources of revenue: government funding, philanthropy, and earned income. Of these, only earned income offers any prospect for long-term growth.” -Mowatt Centre for Policy Innovation welchllp.com SOCIAL ENTERPRISE
- 13. • St. John`s Bakery • A-Way Courier welchllp.com SOCIAL ENTERPRISE
- 14. • Program of registered charity • Program of not-for-profit organization • For-profit organization (stand-alone or subsidiary) • Hybrid SOCIAL ENTERPRISE welchllp.com
- 16. • Keep it simple • If presenting summarized statements, get auditor approval • Focus your report on the highlights • Forward looking messaging welchllp.com ANNUAL FINANCIAL REPORTING PACKAGE
- 18. • Compliance risk • External risk • Financial risk • Governance risk • Information technology risk • Operational or program risk • Reputation risk • Strategic risk welchllp.com RISK MANAGEMENT: AN INTRODUCTION
- 19. Likelihood of Risk Occurring ImpactofRisk Immediate Action Manage & Monitor Management effort worthwhile Accept but Monitor welchllp.com RISK MANAGEMENT: AN INTRODUCTION
- 20. welchllp.com Christa Casey, CPA, CA Partner & Director of the Not-for-Profit Sector ccasey@welchllp.com @WelchLLP Garth Steele, CPA, CA Audit & Indirect Tax Partner gsteele@welchllp.com @WelchLLP Q&A
Editor's Notes
- Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector With nearly 20 years of experience, Christa Casey has become an expert in auditing not-for-profit organizations. In January 2010, Christa was appointed as Welch’s Director, Not-for-Profit Sector. Prior to this, Christa was a Quality Assurance Manager. Her previous and current positions require a high level of technical competence while staying informed of all developments in accounting and auditing standards. Garth Steele, CPA, CA - Indirect Tax Partner, With over 20 years of experience as a Partner at Welch, Garth has an exhaustive list of Not-for-Profit audit experience. In addition to auditing NPOs, Garth’s forte is Commodity Taxes (GST, HST, PST) and Payroll Taxes (CPP, EI, EHT, WCB). For the past 20 years, Garth has been a tutorial leader and lecturer for the CPA Canada In-Depth GST Course, as well as an instructor for CPA Ontario’s annual Professional Development program.
- What do I do if I haven`t been paying EHT and I am now over the $450,000 threshold? If I have a social enterprise that I want to run, should I put it in a separate company? Do I have to provide my audited statements to the public?